Chinese Facotry Activity Rose for the First Time in Three Months
According to official data purchasing manager's index rose beating market forecast
Factory activity of China advanced in November which is seen to grow for the first time in three months despite inflationary pressure and power rationing.
According to National Bureau of Statistics (NBS), manufacturing Purchasing Manager’s Index (PMI) rose to 50.1 in November which in previous month was 49.2. Market forecast was at 49.6.
Some market strategists sees slowdown in gross domestic product (GDP) in the third quarter to continue to fourth quarter as domestic demand remains low and renewed concerns of Omicron variant.